Salem, Ohio Property Taxes
The median property tax rate in Salem, Ohio is 1.27%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $106,150 in Salem, the typical annual property tax bill amounts to $1,308, falling below the national median of $2,690. Property taxes in Salem are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Salem or another part of Columbiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Salem, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,348
$1,251
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Salem, Ohio
Property taxes in Salem, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 1.27%, which is higher than the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Salem's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44460 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Salem provides valuable insights into the varying tax landscape across Columbiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
1.27%
Average Columbiana County Tax Rate
1.27%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44460 | 1.00% | 1.20% | 1.27% | 1.31% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Ohio
In Salem, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Columbiana County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Salem, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Salem are both $1308, with the zip code 44460.
Average Salem Assessed Value
$106,150
Average Columbiana County Assessed Value
$95,700
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44460 | $51,600 | $75,200 | $106,150 | $155,600 | $224,600 |
Source: Ownwell
Property Tax Bills Across Salem, Ohio
In Salem, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. The median home price in Salem is $106,150, which serves as a benchmark for calculating property taxes. For homeowners in Salem, property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $906, while at the 75th percentile, it rises to about $1,918. For those at the 90th percentile, the tax bill can reach up to $2,780. The highest and lowest median tax bills in Salem both stand at $1,308, which is above the national median property tax rate of 0.99%. These tax bills can impact homeowners by influencing their monthly mortgage payments and overall housing affordability, making it crucial to understand how these taxes are calculated and managed.
Average Salem Tax Bill
$1,308
Average Columbiana County Tax Bill
$1,157
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44460 | $586 | $906 | $1,308 | $1,918 | $2,780 |
Source: Ownwell